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Foreclosure

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Jaxx Guest	Posted: Thu Feb 09, 2012 4:24 pm    Post subject: Foreclosure Like 0 Dislike 0 Our timeshare was foreclosed on the company is willing to work with us and wants us to pay the back dues plus three months of this year. However their pulling it out of foreclosure means that they will take all the equity and sell us another comprable one for 1 dollar is this really worth it? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
sabrinatoss Community Expert Joined: 16 Jan 2011 Posts: 516 Location: Australia 82.74 Dollars($)	Posted: Thu Feb 09, 2012 8:06 pm    Post subject: Hello Jax,.. Like 0 Dislike 0 The lender may then declare the entire debt due and owing and may seek to satisfy it by foreclosing. Foreclosure is commonly by a court-decreed sale of the property to the highest bidder, who is often the lender. _________________ Home Loan, Mortgage Insurance Calculator, Mortgage Broker
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Thu Feb 09, 2012 11:23 pm    Post subject: Like 0 Dislike 0 Welcome Jaxx, It is for you to decide whether or not you will be comfortable with the idea of another timeshare which you will get for $1. Rather than losing the house, I personally feel, this will be a better option. _________________ Procrastination is the enemy of your financial success
smnthaking Joined: 03 Feb 2012 Posts: 58 10.15 Dollars($)	Posted: Fri Feb 10, 2012 12:53 am    Post subject: Like 0 Dislike 0 Many of these folks are under the mistaken impression that there would be no consequences to allowing the payments to lapse. But that could not be further from the truth. Timeshare companies will foreclose on your timeshare if you fail to pay your bill and this will wind up on your credit report, just like if you decided to stop paying your mortgage or a credit card bill. You may also wind up being pursued by a collections company for back payments and could possibly face additional penalties and fees as a consequence of non-payment. _________________ Home loans | Equity loan

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